Using Microsoft Excel complete the following:
A. Calculate the amounts of the adjusting entries and enter them in the adjustments column.
B. Enter the amounts in the adjusted trail balance column.
C. Prepare the Income Statement
D. Prepare the Statement of Owner's Equity
E. Prepare the Balance Sheet
See attached for data and spreadsheet.
This solution illustrates how to make the most common monthly adjusting journal entries, how to prepare an adjusted trial balance, and how to prepare an income statement, statement of owners' equity and balance sheet using the adjusted trial balance.